Macro: This week, investors were awaiting two important statistics: growth and inflation in the United States. In the fourth quarter, GDP grew at half the expected rate (+1.4% year-on-year). The 43-day shutdown last fall had a negative impact on economic activity. In the last three months of 2025, consumer spending grew by only 2.4%, compared with 3.5% in the previous quarter. At the same time, PCE inflation in December came in above expectations, at +3% year-on-year. This is the fastest pace of growth since February 2025. But investors are more concerned about growth. The US 10-year yield briefly fell below 4% this week, its lowest level of the year. So can we count on the Fed to cut rates? It’s far from clear, as highlighted by the minutes of the January meeting published this week. A majority of members seem to be in favor of maintaining the status quo. Finally, on Friday, the Supreme Court handed down its verdict and invalidated Donald Trump’s tariffs. However, we can expect a response from the White House, which has other legal tools at its disposal to reimpose them.
Crypto: Bitcoin fell for the fifth consecutive week. The crypto-asset market leader lost 28% over the period, falling from $93,500 to $67,000 this week. A cold shower for investors. BTC has fallen by nearly 3% since Monday. The same trend can be seen with Bitcoin Spot ETFs: for the fifth week in a row, these stock market products backed by the price of bitcoin have seen their assets under management decline by $400 million since Monday. Unsurprisingly, compared to previous weeks, the cryptosphere is suffering from the risk aversion weighing on the markets, which is causing investors to pull out of technology stocks and, by extension, cryptocurrencies. Ether (ETH) is down 1.58% this week to around $1,930. Solana (SOL) is down 4.26% to around $82, while XRP (XRP) is down 5.75% to $1.39.